Relationships with debuts

New listing of STILO ENERGY S.A. on NewConnect

The company STILO ENERGY S.A. was newly listed on NewConnect on 21 April 2021.

STILO ENERGY S.A. is the 378^th company listed on NewConnect and the tenth new listing on NewConnect in 2021. 

Key information

*as at the reference price equal to the issue price of series L shares (PLN 43) 

Issuer’s history and business

The company Stilo Energy S.A. was established in December 2017 and started operations in Q2 2018. The Company provides complete and ready solutions to clients, including design of photovoltaic systems, selection of components depending on actual needs, start-up and monitoring of systems, support in fund-raising, and registration of systems with the energy operator.

The Company has in place trade contracts necessary to buy system components directly from manufacturers (mainly in China). Photovoltaic panels and microinverters are manufactured by special order according to the specification of Stilo Energy. The Company has designed and implemented manufacturing of own assembly components to achieve savings over off-the-shelf solutions.

The Company’s clients are mainly individuals who decide to install photovoltaic systems up to 10 kWp on their own premises. Such clients are the biggest beneficiary of diverse financing schemes supporting photovoltaic systems.

The Company is the Polish online sales leader and reaches out to approx. 1 million prospective clients per month. It has a team of employees and associates including approx. 500 persons across Poland and installation teams which put in place nearly 500 photovoltaic systems per month. The Company completed approx. 6.2 thousand photovoltaic systems from the launch of operations to the end of 2020.

The Company’s share capital is PLN 17,164,790 divided into 1,716,479 shares with a nominal value of PLN 10 per share including:

• 180,000 series A shares;
• 50,000 series B shares;
• 100,000 series C shares;
• 205,000 series D shares;
• 72,500 series E shares;
• 273,000 series F shares;
• 150,000 series G shares;
• 208,215 series H shares;
• 93,000 series I shares;
• 19,764 series J shares;
• 215,000 series L shares;
• 150,000 series M shares.

Public offering of series L shares

215,000 series L shares were issued under the resolution of the Extraordinary General Meeting of the Issuer of 2 December 2020 in a public offering based on a memorandum up to EUR 2.5 million. The series L shares were taken up for cash at the issue price of PLN 43 per share by 89 entities (22 in the small investor tranche and 71 in the large investor tranche, where some entities subscribed both in the small and the large investor tranche) on 21 December 2020. The reduction rate in the individual investor tranche was 77.99%.

The Company raised PLN 9,245,000 in the issue of series L shares.

Sale of shares

There were 26 transactions in the Issuer’s shares totalling PLN 2.1 million (series A, B, C, F, G shares) at a weighted average price per share at PLN 42.18 in the 12 months before the date of the Information Document.

Issuer’s selected separate financials:

The auditor who audited the Company’s consolidated financial statements for 2020 issued an unqualified opinion. The Issuer declared in the information document that its working capital was sufficient to cover its needs in a period of 12 months after the date of the Information Document.

Shareholders

• Powerplus Pentad Investments spółka akcyjna S.K.A – 616,207 shares representing 35.9% of the capital and the total vote;
• Baltic Global FIZ – 221,215 shares representing 12,89% of the capital and the total vote;
• Siudak Piotr – 159,700 shares representing 9.3% of the capital and the total vote;
• SE-1 spółka z ograniczoną odpowiedzialnością S.K. – 90,917 shares representing 5,3% of the capital and the total vote;
• Other shareholders – 628,440 shares representing 36,61% of the capital and the total vote;

Reference price for the first trading session

The Authorised Advisor recommended a reference price for the first trading session equal to the issue price of the series L shares set in the bookbuilding process. The offering of the series L shares took place in 2020. 89 investors took up shares in the offering and the total value of the issue was PLN 9.245 million.

Financial instruments newly listed on NewConnect

• 180,000 series A shares;
• 50,000 series B shares;
• 100,000 series C shares;
• 205,000 series D shares;
• 72,500 series E shares;
• 273,000 series F shares;
• 150,000 series G shares;
• 215,000 series L shares.

The application covers shares representing 72.56% of all outstanding shares of the Issuer.